After five years of climbing property prices across Australia, homeowners in the area are unsurprisingly finding it harder and harder to afford their mortgage loan repayment . According to Moody’s, these painfully high prices reached a fever pitch when over 4% of homeowners across the country are having trouble paying off their mortgages. Once the housing boom began to slow, Hampton Park came out the most negatively affected with 4.64 per cent of homeowners being more than 30 days behind in their mortgage payments. This mortgage stress is also being felt heavily in Cragieburn, Eltham, Burnside and Albanvale.
For first-time homebuyers, the increasingly prohibitive property prices have made it even more challenging to save enough for an ample deposit. This means that they’ll have even more debt to repay once they do manage to even get their foot in the property-market door. Head to The Australian to read more about how high mortgage prices are affecting residents across the country.
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